Apple sees profits fall despite record quarter revenue

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The manufacturer saw a rise in iPhone and iPad sales in the second quarter of 2013 compared to the same period last year, but saw profits fall by over a billion pounds

Apple made a $9.5 billion (£6.2 billion) net profit in the second quarter of 2013, down from $11.6 billion (£7.6 billion) for the same period last year.

Despite the profit drop, Apple’s results for the three months ending March 30 show it sold 37.4 million iPhones in the quarter, compared to 35.1 million in Q2 of 2012.

Apple also sold 19.5 million iPads during the quarter, compared to 11.8 million for the same quarter in 2012.

It saw a rise in revenue, from $39.2 billion (£25.7 billion) in Q2 of last year to $43.6 billion (£28.6 billion) this year.

Gross margin fell year-on year from 47.4 per cent to 37.5 per cent.

Apple CEO Tim Cook said: “We are pleased to report record March quarter revenue thanks to continued strong performance of iPhone and iPad.”

CFO Peter Oppenheimer said: “Our cash generation remains very strong, with $12.5 billion in cash flow from operations during the quarter and an ending cash balance of $145 billion.”

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